City of Birmingham Firemen's and Policemen's Supplemental Pension System v. Credit Suisse Group AG et al
| City of Birmingham Firemen's and Policemen's Supplemental Pension System |
| Credit Suisse Group AG, Brady Dougan, Tidjane Thiam and David Mathers |
| 1:2017cv10014 |
| December 22, 2017 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| Richard J. Sullivan |
| Securities/Commodities/Exchanges |
| 15 U.S.C. ยง 78 |
| Plaintiff |
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The following documents for this case are available for you to view or download:
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Filing
181
ORDER DIRECTING CY PRES DISTRIBUTION OF RESIDUAL SETTLEMENT FUNDS granting 179 Motion for Disbursement of Funds. Lead Plaintiffs' unopposed motion for an order directing a cy pres distribution of the residual Net Settlement Fund is hereby G RANTED. The remaining funds of $787.97 shall be donated to the Institute for Law & Economic Policy. By June 7, 2022, the parties shall file a joint letter stating whether there are any unresolved issues, or if the case may be closed. SO ORDERED. (Signed by Judge Lorna G. Schofield on 5/31/2022) (mml) Transmission to Finance Unit (Cashiers) for processing.
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Filing
172
ORDER: It is hereby ORDERED that by October 29, 2021, Lead Counsel shall file a status report regarding any outstanding distributions, including whether Lead Counsel anticipates making an application for a cy pres award. (Signed by Judge Lorna G. Schofield on 10/26/2021) (va)
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Filing
168
ORDER APPROVING DISTRIBUTION OF NET SETTLEMENT FUND granting 164 Motion for Disbursement of Funds. This Order incorporates by reference the definitions in the Amended Stipulation of Settlement filed on August 19, 2020 (the Stipulation, ECF No. 13 8-2) and in the Broker Declaration, and all capitalized terms used herein shall have the same meanings as set forth in the Stipulation, or in the Broker Declaration. Epiq Class Action & Claims Solutions, Inc. ("Epiq") is to conduct an in itial distribution, after deducting $385,000 in remaining fees and expenses to itself, $1,007,500.00 in attorneys' fees to be paid following the completion of distribution, $19,979.00 in cost awards to Lead Plaintiffs to be paid following the completion of distribution, and after payment of any estimated taxes, the costs of preparing appropriate tax returns, and any escrow fees as follows: (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 6/21/2021) (cf)
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Filing
158
FINAL APPROVAL ORDER GRANTING IN PART APPLICATION FOR ATTORNEYS' FEES AND COSTS, AND SERVICE AWARD: Lead Counsel is hereby awarded attorneys' fees of $4,030,000.00, to be paid from the settlement fund. Three quarters of that amount, or $3,022,500.00, shall be payable immediately, and the remaining $1,007,500.00 shall be payable after all distributions to class members from the settlement fund are complete. Lead Counsel is awarded reimbursement of expenses in the sum of & #036;367,083.75, to be paid from the settlement fund immediately. Birmingham is awarded $1,868.75, Local 60 is awarded $3,177.25, Local 456 is awarded $3,648.00 and Local 710 is awarded $11,285.00, all payable after all distributions to class members from the settlement fund are complete. (Signed by Judge Lorna G. Schofield on 12/17/2020) (ama)
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Filing
157
FINAL ORDER AND JUDGMENT APPROVING CLASS ACTION SETTLEMENT: IT IS HEREBY ORDERED, ADJUDGED AND DECREED: 1. Jurisdiction The Court has jurisdiction over the subject matter of the Action, and all matters relating to the Settlement, as well as per sonal jurisdiction over all of the Parties and each of the Settlement Class Members. After the Claims Administrator completes the administration process, Lead Counsel shall file a motion for distribution of the Settlement Fund, which shall provide the Court with information regarding the claims administration process including but not limited to the number of claims submitted, total amount of claims, total expenses incurred by the Claims Administrator to date, whether its total expenses ar e anticipated to exceed $350,000, and whether an application for cy pres distribution is anticipated. There is no just reason to delay the entry of this Judgment as a final judgment in this Action. Accordingly, the Clerk of the Court is expressly directed to enter immediately this final judgment in this Action. (And as further set forth herein.) SO ORDERED. (Signed by Judge Lorna G. Schofield on 12/16/2020) (jca)
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Filing
154
ORDER: It is hereby ORDERED that by December 14, 2020, the parties shall email copies of their (1) proposed final settlement order and (2) proposed order for attorneys' fees and costs to schofield_nysdchambers@nysd.uscourts.gov, in Word format. It is further ORDERED that by December 14, 2020, Plaintiffs shall submit billing records for Thomas K. Wotring's work on behalf of Plaintiff International Brotherhood of Teamsters, Local 710 Pension Plan in this matter (Dkt. No. 151-6 paragraph 13), identifying specific tasks completed and hours spent on each task. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 12/10/2020) (cf)
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Filing
153
ORDER: WHEREAS, the Final Approval Hearing in this matter is scheduled for December 10, 2020, at 11:00 a.m. (Dkt. No. 141). It is hereby ORDERED that the Final Approval Hearing will be conducted remotely. If the parties wish to conduct the hearing vi a videoconferencing technology, then they shall file a joint letter by December 7, 2020, setting forth the logistics of such technology. If the parties do not file such letter, the Final Approval Hearing will be held on the following conference call line: 888-363-4749, access code 558-3333., ( Settlement Conference set for 12/10/2020 at 11:00 AM before Judge Lorna G. Schofield.) (Signed by Judge Lorna G. Schofield on 12/04/2020) (ama)
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Filing
137
ORDER: It is hereby ORDERED that the parties shall submit the following items, consistent with the Court's specific guidance at the hearing, as soon as is practicable: (1) a revised Notice (see Dkt. No. 133-2), including information regardin g the reasonableness of the settlement amount and deletion of Court-specific information; (2) a letter with additional information regarding estimated or proposed deductions from the Gross Settlement Amount to reach the Net Settlement Amount (s ee Individual Rule III.C.5), information regarding any fee sharing agreement and information regarding an online process for submitting claims forms; (3) a revised Settlement Stipulation or amendments to the filed Settlement Stipulation (see Dk t. No. 133), as discussed at the hearing; (4) a sealed version of the confidential Supplemental Agreement, filed under seal on ECF and emailed to the Chambers Inbox; (5) a revised proposed schedule (see Dkt. No. 132 at 30/31), as discussed at the hearing; (6) the proposed preliminary approval order in Word format (sent via email to the Chambers Inbox); and (7) any other items and/or information discussed at the hearing, not mentioned above. (Signed by Judge Lorna G. Schofield on 8/17/2020) (ks)
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Filing
136
ORDER: It is hereby ORDERED that the preliminary approval hearing is re-scheduled to August 17, 2020, at 10:30 A.M., because of technical difficulties due to the storm. The parties shall call (888) 363-4749 and use access code 558-3333 at the appointed day and time. (Telephone Conference set for 8/17/2020 at 10:30 AM before Judge Lorna G. Schofield.) (Signed by Judge Lorna G. Schofield on 8/6/2020) (jca)
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Filing
135
ORDER: It is hereby ORDERED that the preliminary approval hearing scheduled for August 6, 2020 (Dkt. No. 134), is re-scheduled to August 7, 2020, at 10:30 A.M., with all parties calling (888) 363-4749 and using access code 558-3333 at the appointed time. ( Telephone Conference set for 8/7/2020 at 10:30 AM before Judge Lorna G. Schofield.) (Signed by Judge Lorna G. Schofield on 8/3/2020) (cf)
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Filing
134
ORDER: It is hereby ORDERED that the parties shall appear for a preliminary approval hearing on August 6, 2020, at 10:40 A.M., with all parties calling (888) 363-4749 using access code 558-3333 at the appointed time. (As further set forth in this Order.) (Telephone Conference set for 8/6/2020 at 10:40 AM before Judge Lorna G. Schofield.) (Signed by Judge Lorna G. Schofield on 7/13/2020) (cf)
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Filing
130
ORDER: It is hereby ORDERED that all deadlines in the first amended case management plan and scheduling order (Dkt. No. 107), and June 1, 2020, scheduling order (Dkt. No. 129) are extended 45 days, with new scheduling orders to be issued at a later date. So Ordered. (Signed by Judge Lorna G. Schofield on 6/19/2020) (js)
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Filing
127
ORDER: It is hereby ORDERED that the pre-motion conference scheduled for May 28, 2020, is canceled. The parties shall propose a class certification motion briefing schedule by May 29, 2020, not to exceed sixty days from when the first brief is fi led, and in accordance with the Courts Individual Rules of Practice in Civil Cases and the Emergency Individual Rules and Practices in Light of COVID-19. ***Hearings Terminated*** The following hearing(s) was terminated: Pre-motion Conference. (Signed by Judge Lorna G. Schofield on 5/22/2020) (jca)
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Filing
86
OPINION AND ORDER: re: 67 MOTION for Reconsideration re; 60 Order on Motion to Dismiss, filed by David Mathers, Tidjane Thiam, Credit Suisse Group AG, Brady Dougan. Accordingly, Defendants' argument that Plaintiffs have not pled a control person claim against Thiam is also denied. Lastly, Defendants' argument that Plaintiffs lack standing to pursue claims against Thiam is inappropriate on a motion for reconsideration. Defendants failed to raise this issue in the motion to dismiss and bring it for the first time on reconsideration. Because Defendants have not identified "an intervening change of controlling law, the availability of new evidence, or the need to correct a clear error or prevent manifest injustice," Kolel Beth, 729 F.3d at 104, the motion for reconsideration is DENIED. The Clerk of Court is respectfully directed to close the open motion at Docket No. 67. (Signed by Judge Lorna G. Schofield on 5/16/2019) (ama)
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Filing
60
ORDER granting in part and denying in part 50 Motion to Dismiss. For the foregoing reasons, Defendants' motion to dismiss is DENIED except as to alleged misstatements regarding the extent and risk of the distressed portfolio. The Clerk of Court is respectfully directed to close the motion at Docket No. 50. (As further set forth in this Order.) (Signed by Judge Lorna G. Schofield on 2/19/2019) (cf)
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Filing
36
OPINION AND ORDER: re: 21 MOTION to Appoint The Institutional Investors to serve as lead plaintiff(s), filed by City of Birmingham Retirement and Relief System, International Brotherhood of Teamsters Local No. 710 Pension Plan, Westchester Putnam Counties Heavy and Highway Laborers Local 60 Benefit Funds, Teamsters Local 456 Pension and Annuity Funds, 18 MOTION to Appoint Counsel. MOTION to Appoint City of Daytona Beach Police & Fire Pension Fund to serve as lead plaintiff(s), filed by City of Daytona Beach Police & Fire Pension Fund. For the foregoing reasons, IT IS HEREBY ORDERED that the Institutional Investors' motion for appointment as lead plaintiffs is GRANTED. Thus, the City of Birmingham Retirement and Relief System, Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefit Funds, Teamsters Local 456 Pension and Annuity Funds, and the International Brotherhood of Teamsters Local No. 710 Pension Plan shall s erve as co-lead plaintiffs. IT IS FURTHER ORDERED THAT Saxena White, P.A. and Cohen Milstein Sellers & Toll PLLC shall serve as co-lead counsel for the putative class. As provided in the Court's March I, 2018 Order (Doc. No. 31 ), the Institu tional Investors shall file a consolidated amended complaint with thirty days of the date of this order - that is, by April 18, 2018. The Clerk of Court is respectfully directed to terminate the motions pending at docket numbers 18 and 21. The Cler k of Court is also respectfully directed to change the caption of this action to "City of Birmingham Retirement and Relief System et al. v. Credit Suisse Group AG et al. Motions terminated: 21 MOTION to Appoint The Institutional Inves tors to serve as lead plaintiff(s), filed by City of Birmingham Retirement and Relief System, International Brotherhood of Teamsters Local No. 710 Pension Plan, Westchester Putnam Counties Heavy and Highway Laborers Local 60 Benefit Fun ds, Teamsters Local 456 Pension and Annuity Funds, 18 MOTION to Appoint Counsel . MOTION to Appoint City of Daytona Beach Police & Fire Pension Fund to serve as lead plaintiff(s), filed by City of Daytona Beach Police & Fire Pension Fund. (Amended Pleadings due by 4/18/2018.) (Signed by Judge Richard J. Sullivan on 3/19/2018) (ap)
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